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In a homo economicus world. They will jack the prices up for the remaining few.

Here in the USA, education at some schools is kind of a luxury good. When the price goes up, the demand increases.

University enrollment doesn't drop sharply evenly across all universities. The lowest-desirability universities will go bust while the Ivy League continues to have hyper-competitive admissions and yearly tuition increases that outpace inflation.

Except it won't because a degree is a gate and people will pay whatever is demanded of them for it. Numbers go up never down.